S.Korea Big Companies Eliminate 10,000 Jobs During Outbreak

Large South Korean firms phased out over 10,000 jobs in the past two months due to social distancing measures caused by the outbreak that curtailed consumer spending.

On the contrary, there were 3,400 jobs created in the same period last year.

Of the 15 sectors that suffered job reduction, the distribution industry absorbed the worst with over 4,000.

This was followed by service firms with 1,983 job cuts, state firms with 1,871, and food and beverage with 1,494.

The company most affected was CGV, South Korea's largest multiplex chain, which had the largest job loss with 2,331 as the coronavirus forced theaters to close.

The second was by CJ Foodville, a food service company, with 1,629. Then there's Starbucks Korea with 859 and Lotte Shopping with 827.

Nonetheless, some firms increased their payrolls to meet the growing demand for products and services.

E-commerce company Coupang Inc. added the most jobs with 913, fueled by increased demand for delivery services.

Samsung Electronics Co. came in second with 420, trailed by SK Hynix Inc. with 310.